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Well, well, well…look who finally walked his shoebox stuffed with receipts over to his accountant: Mr. President himself.

Earlier today, President Obama released his 2012 tax return, and to be fair, suggesting that the President would even need a shoebox for his receipts grossly overstates the complexity of his return. In fact, just as in previous years, the only thing remarkable about his 2012 tax return is just how unremarkable it is, particularly for the leader of the free world.

It basically goes like this:

On the income side, there’s a W-2 for $400,000 from his POTUS gig, $11,000 of interest income, $250,000 of self-employment income from his previously published book, and a capital loss carryforward. And that’s it. No dividend income, no current year stock sale, no indication that the President is involved in the equity market at all.

On the deduction side, the President claimed a $50,000 retirement plan contribution, $120,000 of charitable contributions, some mortgage interest, real estate and state income taxes, and 4.3 million welfare recipients as dependents (I kid, I kid.)

When it’s all said and done, the President ends up with $335,000 of taxable income, which leaves him squarely within the sweet spot of the alternative minimum tax. As a result, he pays $87,000 in regular tax and an additional $21,000 in AMT, for a total tax bill of $108,000. Tack on self-employment income on the book sales of $7,000, and before credits, withholding and estimated payments, the President is faced with a $115,000 tax bill.

Because his tax return is just so damn uninteresting in comparison to say…Mitt Romney’s, I thought it might be a fun exercise to see how the President will be impacted by the tax increases he signed into law for 2013. Remember, starting this year, there are several significant hikes taking effect, including:

The maximum tax rate on ordinary income jumps from 35% to 39.6% -- and the maximum tax rate on long-term capital gains and dividends from 15% to 20% -- on taxable income in excess of $450,000 (for married taxpayers, $400,000 if single).

Taxpayers with adjusted gross income in excess of $300,000 (if married, $250,000 if single), will lose 3% of their itemized deductions for each dollar their AGI exceeds the threshold.

Under Obamacare, taxpayers with wages or self-employment income in excess of $250,000 ($200,000 if single) will pay a new 0.9% payroll tax on the excess.

Also under Obamcare, taxpayers with adjusted gross income in excess of $250,000 ($200,000 if single), will pay a new 3.8% income tax on their “net investment income.”

Assuming the President incurs the same items of income and expense in 2013, will he feel the sting of his own legislation? Let’s take a look at some key numbers, the first column representing President Obama’s actual 2012 items, and the second representing his projected numbers under 2013 law if all items of income and deduction stay the same.

The first item worthy of note is that because the President’s taxable income does not exceed $450,000, he will not feel the effects of the fiscal cliff deal that raised rates on taxpayers with income in excess of that threshold. Instead, the President will be taxed at a maximum rate of 33% in 2013, just as he was in 2012. If he were to generate long-term capital gain or qualified dividends, the income would be subject to a maximum rate of only 15%, not the higher 20% rate that will apply for America's wealthiest taxpayers in 2013 and beyond.

Interestingly, President Obama had long campaigned for increasing the rates on income in excess of $250,000, and had he been successful, his regular tax liability in 2013 would have been considerably higher than in 2012, as he would have found himself in the 36% marginal bracket rather than the 33% bracket. But in the 11th hour of the fiscal cliff negotiations, the President agreed to increase the threshold to $450,000, saving himself a few bucks in the process.

Next, you will notice that because the President's adjusted gross income exceeds $300,000, he would lose over $9,000 in itemized deductions – and all of his personal exemptions – courtesy of the return of the PEP and PEASE limitations in 2013. So even though he is not one of the “high income taxpayers” subject to the tax rate increase, according to the new tax law he is one of the “high-income taxpayers” subject to the phase-out of itemized deductions and personal exemptions. Got all that? Tax return preparation in 2013 should just be a blast.

You will notice, however, that despite the fact that the President’s projected taxable income in 2013 would be $24,000 higher than in 2012 by virtue of the phase-out of a portion of his deductions – resulting in an $8,000 increase in regular tax liability -- his total income tax liability remains virtually unchanged courtesy of the alternative minimum tax. The President is subject to the tax in both years, rendering the phase-out of his itemized deductions and personal exemptions moot because it is his AMT taxable income that will drive his tax liability, and neither the PEASE nor PEP limitation ultimately influence this computation.

Of course the President, along with 28 million other Americans, greatly benefited from the retroactive patch to the AMT exemption. Without the patch, the exemption amount would have plummeted from approximately $75,000 in 2011 to $45,000 in 2012 and 2013, significantly increasing President Obama’s AMT liability in both years.

While what we tend to think of as the President’s “traditional” tax liability – regular tax plus AMT liability -- would remain unchanged from 2012 to 2013, starting this year, we have three new taxes to contend with.

First, as part of the fiscal cliff deal, President Obama allowed the temporary 2% reduction in an employee’s share of Social Security payroll taxes to expire, meaning the President – along with millions of Americans – will feel the pinch in every paycheck. Taxpayers like the President who earn in excess of the Social Security wage base --- $113,700 in 2013 -- will find their payroll tax obligation in 2013 to be $2,274 higher than in 2012.

Next, under Obamacare, the President will pay an additional 0.9% payroll tax on both his wage income and self-employment income in excess of $250,000, resulting in an additional tax of $1,375.

And lastly, because President Obama has adjusted gross income in excess of $250,000, he will find himself subject to the additional 3.8% tax imposed upon a taxpayer’s net investment income in 2013. Because the President eschews the stock market so vociferously, however, the tax will only be applied to his $11,500 of interest income, resulting in an additional bill of $436.

Now, you might ask, “What about the President’s book royalties? Aren’t royalties generally considered net investment income?” And while the answer is yes under the new Section 1411 regulations, those same regulations provide a tiebreaker indicating that if income is subject to self-employment tax, it cannot be subject to the net investment income tax. Because the President’s book royalties are subject to self-employment tax under Section 1402, they are excluded from the computation of net investment income.

So in summary, the law changes arising from the fiscal cliff negotiations -- which will raise over $600 billion in additional tax revenue over the next decade -- will cost the President – assuming he repeats the same income and deductions – about $2,200 next year.

And if that's got you feeling a little angry, you may just want to go ahead and skip the rest of this sentence...because of the $317 billion in additional revenue expected to be raised over the next ten years by the two Obamcare tax hikes, the President will personally be contributing a whopping $1,800 in 2013.